• Wednesday, March 04, 2015

Exports to grow 10pc

Star Business Report

Bangladesh aims to boost exports by 10.04 percent to $33.2 billion in fiscal 2014-15 from the previous year.

The country exported goods worth $30.17 billion against the target of $30.5 billion in 2013-14, registering 11.65 percent growth from a year ago.

Commerce Minister Tofail Ahmed set the export target at a meeting at the office of Export Promotion Bureau in Dhaka.

The government has set the growth target for garment exports below 10 percent for the first time in a decade.

In fiscal 2014-15, knitwear exports are expected to grow by 9.96 percent year-on-year to $13.21 billion and woven garment by 9.67 percent to $13.68 billion.

Exports to the US markets may grow 9 percent year-on-year to $6.16 billion this fiscal year.

Bangladesh expects a 12 percent rise in shipments to Germany, the largest export destination in Europe.

The last five years' export growth, success of market expansion, business benefits, economies of the EU and the US, competitive global market, suspension of GSP by the US and fulfilments of the buyers' requirements have been taken into account in setting the new export target, Ahmed said.

“We hope we will be able to achieve the target as the global economy is rebounding, especially in the EU and the US,” he said.

“We are targeting Latin American countries as new export destinations as exporters are looking to diversify markets and products.”

Bangladesh has made a lot of efforts in the last one year to regain trade benefits from to the US, he said.

Published: 12:00 am Tuesday, July 22, 2014

Last modified: 9:53 pm Tuesday, July 22, 2014

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